FJW Construction has been engaged by the City of Pharr, Texas, in a Public Private Partnership (P3) to construct a $34 million multi-family housing complex. In addition to FJW, the partnership includes the city, the Pharr Housing Finance Corporation (PHFC) and an investment firm which is providing resources to fund the project.
Based on substantial growth in the Rio Grande Valley, the region has experienced a critical need for housing to support the requirements of the growing local workforce. The 288-unit facility will assist in addressing this issue by providing needed residential capacity to the region. This P3 partnership is an example of the initiative the city and the PHFC have shown in utilizing alternative delivery methods to help foster growth in South Texas.
Signed into law in Texas in 2011, these P3 partnerships are contractual arrangements between a public government entity and a private sector entity using private funding to deliver a project. Through a P3 agreement, the skills and assets of each sector (public and private) are shared in delivering a service or facility for the use of the general public. In addition to the sharing of resources, each party shares in the potential risks and rewards in the delivery of the facility. FJW Construction CEO Dr. James Broaddus was among the early proponents of P3 delivery in the AEC industry, and provided testimony to the Texas Legislature in support of the initial draft legislation.
FJW Construction remains committed to becoming an industry leader in this project delivery approach, and has three other P3 projects in the design phase.
